POPCAT Price Action: Trendline Breakout and Key Support Levels

• POPCAT has broken a downtrend but will need considerable volume to support a potential bullish turnabout and to carry price momentum.
• RSI at 44.61 is bearish with weak bullish momentum, with the DMI remaining bullish unless a +DI crossover occurs to indicate a change.
• A sustained break above $0.2300 can push the price to $0.2700, while a failure to support at $0.2200 can lead to a fall.

The price of POPCAT is at a turning point to break out of a prolonged downtrend. Traders are eagerly anticipating if the asset will manage to remain at levels of support to indicate a change of trend. The trendline break of the current trend is a signal of a change of momentum, but confirmation is needed to justify a bullish trend.

Downtrend Breakout and Levels of Support

A recent signal by Alpha Crypto Signal was that POPCAT closed a 4-hour gap while attempting to gain momentum. The price action is a break of a downtrendline that was forming lower highs and lower lows. The price is testing a major support area at the levels of $0.2200 – $0.2230 where the buyers have shown strong interest.

Immediate resistance is between $0.2300 – $0.2350, the levels of earlier consolidation. If the breakout is successful at this price range, the price can potentially go to $0.2500. However, a lack of volume is a concern because confirmation is necessary to build a strong bullish trend.

Market Indicators & Momentum Analysis

Momentum indicators are sending divergent signs. The Relative Strength Index (RSI) is 44.61, showing weakening bearish momentum. If the RSI crosses 50, then a change of trend will have occurred, while a bounce back at this level could indicate renewed pressure of selling.

The Directional Movement Index (DMI) confirms that bearish pressure is continuing with the -DI significantly ahead of the +DI. Trend strength is 22.29 with the ADX with medium momentum. It can switch if the +DI crosses the -DI to signal the start of bullish strength.

Potential Scenarios and Market Outlook

Traders are awaiting a break above $0.2300 to confirm bullish momentum. If the break is held, the price can target $0.2700 – $0.3000. To the downside, a break of $0.2200 can lead to a decline to $0.2000 or worse.

The market value of POPCAT traded at $0.2464 with a 12.47% increase in its shares since the previous day. The price of the asset has experienced 20.33% depreciation throughout the week yet recovered by 12.47% on the last day.